Everyone wants to know what's going to happen in the housing market. Even though rising interest rates will impact affordability, there is still a massive housing shortage in many places throughout the country. I think that what you will see is that builders will still build, but the product type may shift. You're already seeing that in some parts of the country. Higher density residential development is where it will go. Take a look at this article talking about markets with significant upticks in multifamily approvals. Read it here.
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